Strata Community Association NSW says the phasing out of insurance commissions from next year will be supported by training, as the shift to alternative arrangements may be challenging for some managers.
The commissions, which have subsidised upfront strata management fees, have been opaque and the change aims to provide transparent remuneration for insurance-related work as state regulation increases disclosure requirements.
Owners Network Corporation MD for services David Glover has welcomed SCA’s decision while noting other forms of conflicted remuneration also need to end, and it is important the commissions ban is not sidestepped. Read more here
Related content:
Joint letter from OCN and ACIL to Minister Chanthivong and Commissioner Mann
